Missouri § 361.340 - Circumstances under which possession by director may terminate.
Full text of Missouri Revised Statutes of Missouri § 361.340 — Circumstances under which possession by director may terminate., with citation guidance and answers to common questions.
§ 361.340. Circumstances under which possession by director may terminate.
When the director shall have duly taken possession of such corporation, under any provision of this chapter, he may hold such possession until its affairs are finally liquidated by him, unless:
(1) He shall have permitted such corporation to resume business pursuant to the provisions of section 361.370;
(2) The director shall have been directed by order of court to surrender such possession, pursuant to the provisions of section 361.360;
(3) The director shall have appointed the Federal Deposit Insurance Corporation as the liquidating agent of a bank insured thereby and the Federal Deposit Insurance Corporation shall have accepted the appointment;
(4) The stockholders of such corporation, at a meeting called by the director pursuant to the provisions of section 361.580, shall have duly determined to appoint and shall have appointed an agent or agents to continue the liquidation of such corporation, and such agent or agents shall have qualified to take possession of its remaining assets as provided in section 361.600;
(5) The depositors and other creditors of such corporation and the expenses of such liquidation shall have been paid in full.
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(RSMo 1939 § 7913, A.L. 1977 S.B. 420, A.L. 1978 H.B. 1634, A.L. 2009 H.B. 914)
Prior revisions: 1929 § 5319; 1919 § 11702
Effective 6-25-09
---- end of effective 25 Jun 2009 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 361.340
What does Revised Statutes of Missouri § 361.340 cover?
Section 361.340 ("Circumstances under which possession by director may terminate.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 361.340?
A common citation format is "Revised Statutes of Missouri § 361.340" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 361.340 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.